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Chris Brummer On FinTech, Inclusion, And The Future Of Wall Street
In the realm of finance and monetary policy, innovations propel change. Often, a symbiotic marriage between technology and policy creates forward movement intended to better the lives of the general public. If the intention of such policies is to impact all people positively, why aren’t all people represented in the decision making and governing spaces? This vital question, along with the desire to overcome limitations and evolve the status quo, drives Dr. Chris Brummer to research the implications of the status quo, develop policy to spearhead change, and propel policy innovation.
Who Is Dr. Chris Brummer?
Dr. Chris Brummer is a Professor of Law, and Faculty Director of Georgetown University’s Institute of International Economic Law. Prior to this assignment, the Columbia Law School J.D. graduate was an Assistant Professor at Vanderbilt Law School, and has shared his insight as a visiting Professor at multiple leading higher education institutions.
In addition to his leadership positions within the realm of academia, Dr. Brummer is also a member of the Commodity Futures Trading Commission’s Subcommittee on Virtual Currencies. He is also a member of the Consultative Working Group for the European Securities and Markets Authority’s Financial Innovation Standing Committee. Dr. Brummer was also a member of the National Adjudicatory Council of FINRA, where his work was praised for making significant contributions to evolving and advancing investor protection.
Throughout his professional endeavors, the thought leader maintains active participation within various platforms to advance change. Dr. Brummer has published multiple thought provoking books, including “FinTech Law In A Nutshell”, and “Cryptoassets: Legal, Regulatory and Monetary Perspectives.” In addition to penning several informational books, Dr. Brummer has also contributed his insight via various international publications, multimedia platforms, and scholarly reports. He is also the host of the “FinTech Beat” podcast, collaborating with the CQ Roll Call newsroom to highlight trends, ideas, and changes in the FinTech sector.
To spark thoughtful conversation, bipartisan policy discussion, and propel innovation, Dr. Brummer created FinTech Week. Throughout his professional ventures, Brummer amassed data and statistics about the implications of maintaining status quo and stagnation in the fintech space. He understood that change and evolution only happens as a result of introspective contemplation, open minded conversation, and a collective desire to better the lives of all people. Thus, Dr. Brummer sought to create an effective forum to discuss these policies, history, and the future of fintech.
This event enhances collaboration between respective leaders from a myriad of pertinent fields. Representatives from the financial industry converse with leaders in the regulatory realm, often creating action-driven policy and pertinent plans.
Recently, Dr. Brummer took part in a thought-provoking event sponsored by Georgetown Law’s Institute of International Economic Law and the Brookings Institution. The event delved into the historical exclusion of African Americans in the realm of financial regulation, the repercussions of this systemic exclusion, and the possible paths forward to promote inclusion within this sphere for the betterment of all.
Dr. Chris Brummer presented a thorough study during this presentation, which lent statistics and empirical data to this topic. His findings have been picked up by the Wall Street Journal, and various other outlets.
Absence of Representation
Dr. Brummer’s findings call out the fact that African American representation within the scope of financial regulation is fleeting at best. With this professional sector responsible for enacting strategy and regulation to promote financial well-being for all individuals, an entire population of individuals remains underrepresented. Though a few singular African American appointees serve under various committees for a couple of years at a time, representation remains scarce.
Statistically, Dr. Brummer points out that African Americans comprise about 13% of the entire U.S. population. Yet, there have been very limited numbers of African Americans in leadership positions within the policymaking sphere. To date, there have been only 141 members of Congress. Of this number, 98 of these members have been elected in the last 20 years. Throughout all levels of the U.S. federal courts, there are currently about 140 African American judges serving in these positions. In the corporate sector, only 11% of new Directors on Boards of S&P 500 companies have been African American. And only 3% of financial regulators have been Black.
Consequences of Inequity
Without comprehensive representation from African American financial regulators, there are vast challenges, limitations, and consequences. Dr. Brummer’s exhaustive report points out that these regulatory bodies essentially create a roadmap for capitalism, controlling trillions of dollars of assets. Thus, these actions affect the racial wealth and income inequality gaps. The long-term consequences of underrepresentation are wide in breadth, and continue to minimize opportunities for African American individuals affected by such disjointed policies.
Why Dr. Brummer’s Research Is Important
While the systemic practices affecting the financial outcomes and opportunities for African Americans have been in place for generations, they have not been studied. Very little research has been done on the implications of such systems, the long-term effects, or the history of the financial policy making system. Thus, Dr. Brummer’s research provides inaugural empirical evidence that is comprehensive in scope. It examines the connection between various institutions, and diversity challenges across multiple policy making agencies.
To grasp a full understanding of the history of systemic exclusion within these agencies, Dr. Brummer examines the existence of African American financial policy makers since the New Deal. Not only does he lend historically accurate information, Dr. Brummer delves into the historical context of specific time periods, providing a comprehensive knowledge base.
Dr. Brummer’s research returns to the present day with an exhaustive examination of current African American policy makers and financial regulators. He explores the hiring, training, and current state of diversity across financial policy making institutions. This lends powerful insight into the potential future of diversity if proactive steps aren’t taken, and the propensity for further minimization of an African American presence in leadership roles within these agencies.
Finally, Dr. Brummer’s research provides integral information about the potential causes of such disparities, and highlights potential theories and reasons for long-term distortions in the hiring process. The comprehensive piece gains pertinent insight from relevant thought leaders, and sparks a deeper understanding of a systemic issue. Dr. Brummer’s research is the first quantitative and statistical examination of its kind, and hopefully, leads the charge for additional research to be conducted.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes